Department of Justice to Create Marijuana Industry Banking Regulations

Jan 24, 2014

banking, credit cards, Dan Riffle, DOJ, Eric Holder, Marketplace, NPR

[caption id="attachment_7248" align="alignright" width="180"]Holder 00 Attorney General Eric Holder[/caption]

On Thursday, Attorney General Eric Holder announced his intent to craft regulations that would allow banking services for legitimate marijuana businesses throughout the country. Banks and credit card companies have been wary of working with marijuana businesses for fear of federal prosecution and loss of licensing, causing serious issues with public safety and hampering the growth of the industry. Advocates are hopeful that this statement directly from Holder, proposing regulations instead of guidance memos, signals a growing tolerance of marijuana policy reform among the states.

MPP’s Dan Riffle discussed the issues facing marijuana businesses on Marketplace on NPR this morning.